Iran Debtors Ready to Settle Oil Debts

Iran says foreign oil firms are ready to settle their debts to Iran, probably in euros.

Iranian Minister of Petroleum Bijan Zangeneh told a press conference on Tuesday that Greece’s Hellenic Petroleum, Italy’s Saras and Royal Dutch Shell owe Iran about $4 billion, which will be paid back to Iran in euros.

Shell has said it is ready to pay its debts to Iran, said Zangeneh, but Greece’s Hellenic Petroleum has troubles paying Iran back but alternative methods are being worked out for so doing.

He said Emirates National Oil Company (ENOC), Japan and Netherlands have also started settling their debts to the Central Bank of Iran.